www.icap.org.pk Volume 38 Issue 4 | April 2015

PAKISTAN NewsletterGovernance, Transparency and Service to Members and Students

contents meets & events meets & events IPSAS Board & Canada Chapter Workshop on IFRS 2 Joint Business Research Conference 2015 Managing Committee meeting with KSA Chapter CPD Session Seminar on Investor Education 3 ICAP Council members ICAP & UBL MoU for Co-branded Prepaid Debit Card Chartered Accountants Women’s Forum (CAWF) 4 Celebrates Women’s Day Impacts of Sales Tax on Cotton Ginners & Oil Mills under SRO 188 5 Information Security: Opportunities and Challenges Family Get Together Zafrani Mushaira 6 ICAP Directors Training Program member news Professional Misconduct 9 Quality Control Review New Fellow / Associate Members 10 Top CPD Earners Discounts 11 feedback 12 hr news The Institute of Chartered Accountants of (ICAP) Council Talent Hunt Welcome on Board 13 members Abdullah Yusuf and Riaz A. Rehman Chamdia attended Training & Development The International Public Sector Standards Board (IPSASB) Directors Training Program meeting in Toronto and Santiago. During the Toronto visit, ICAP’s Canada In-house Workshop on Ownership Chapter managing committee members Iqbal Merchant, Syed Shamshad Cyber Security Trainings Husain, Syed Zulfiqaruddin Hyder, Akif Siddiqui and Nazish Rafiq had a English Conversational Circle Club 14 Obituary meeting with ICAP Council member Riaz A. Rehman Chamdia. student section During the meeting Canada Chapter president Iqbal Merchant provided CASA North Inter Firm Tape Ball Cricket a brief overview of the Chapter’s current activities and planned initiatives. Tournament 15 GBC Education Expo 2015 Gujranwala The participants discussed potential opportunities which may possibly be Counseling Sessions materialised and how the current challenges can be mitigated with the constrained resources available with the Chapter and further support of ICAP. meet of the month They also discussed other important matters including coordination with The Pakistan Accountant(s) Are Jack and Jill truly dull? 16 local professional bodies, funding strategy and budget, members’ profiling, Chapter’s website and other profession related matters.

Chartered Accountants Avenue, Clifton, Karachi-75600 (Pakistan) UAN: 111-000-422 PABX: 99251636-39 Fax: 99251626 Email: [email protected] Newsletter The Institute of Chartered Accountants of Pakistan

The Continuing Professional Development (CPD) convener SRC Abdul Rab, FCA commenced the program with recitation from the Holy Quran and brief opening remarks. The chairman SRC Arslan Khalid, FCA delivered vote of thanks and highlighted the importance of conducting such programs for the professional development of the professionals. He presented memento to the trainer and certificates to all the participants. The workshop was attended by almost 70 participants, comprising of both members and non- members. Council member Riaz A. Rehman Chamdia with Canada Chapter Managing Committee. On behalf of the Council and Overseas Committee Riaz A. Rehman Chamdia commended the efforts of the Canadian Chapter for their invaluable contribution and time commitment towards the Chapter’s activities. The Canada Chapter managing committee thanked Riaz A. Rehman Chamdia for the opportunity to discuss matters of mutual interest and for the continued support extended by ICAP. The meeting was followed by dinner hosted by the president Canada Chapter.

Workshop on IFRS Mike Turner presenting certificate of attendance to participants for the workshop on International Financial Reporting Standards (IFRS). Joint Business Research Conference 2015 The third annual Business Research Conference on Managing Business in Pakistan was held at School of , Lahore on April 10 and 11, 2015. The opening speech was delivered by rector, Lahore School of Economics Dr. Shahid Amjad Chaudhry. ICAP Trainer, Mike Turner at the workshop on International Financial participated on the theme Regulatory Environment, Reporting Standards (IFRS). Financial Reporting and Taxation Practices which The Southern Regional Committee (SRC) of the Institute was chaired by vice president ICAP Mohammad of Chartered Accountants of Pakistan (ICAP) organised a Maqbool, FCA. Other speakers included Mobeen two day workshop on International Financial Reporting Ajmal, of Management and Technology, Standards (IFRS) at Karachi Marriott hotel on March 24 - Muhammad Ali Qamar, partner Advisory Services, 25, 2015. Ernst & Young, Ramsha Rashid, Lahore School of Economics, Iftikhar Taj, FCA, and Jalal Ahsan, FCA. The The trainer was a qualified Chartered Accountant from session topics were Impact of Gratuity Plans recognised the Institute of Chartered Accountants England and Wales under IAS 19 on Stock Valuation, Smart Control, Family (ICAEW), a US Certified Public Accountant and a Certified Governance And Broadening The Tax Base. The purpose Financial Analyst Mike Turner, ACA. The workshop aimed to of the conference was to provide a specialised forum for serve as a refresher for the participants and various topics dissemination of qualitative and quantitative research were covered including current issues on IFRS, improvements with the aim of bridging the gap between academics to IFRS in the last five years, IFRS 2, 10, 11 and 12. and business practices.

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KSA Chapter CPD Session Regulation and Development Department Securities and Exchange Commission of Pakistan (SECP) Asif Iqbal, CEO The Institute of Chartered Accountants of Pakistan (ICAP) Al Meezan Investment Management Limited Mohammad Kingdom of Saudi Arabia (KSA) Chapter Continuing Shoaib and deputy director Specialised Companies Professional Development (CPD) Riyadh committee Division SECP Muhammad Asif Paryani. organised a session on First Time Adoption of IFRS in Saudi Arabia on March 18, 2015 in Riyadh. The SECP is endeavouring to launch a countrywide Investor education program that will serve to increase The session chairman was the chairman Accounting awareness of the general public about non-banking Standards committee SOCPA and managing partner financial sector, financial planning, markets and products BDO Al-Amri Gihad Al-Amri and guest speaker was senior and educate them with regard to the risks involved in director Audit KPMG Riyadh Kashif Zafar. the market, and rights and obligations of the investors.

The speaker’s presentation was designed to review the guidelines on First Time Adoption of IFRS in Saudi Arabia that every organisation must follow. As announced by SOCPA, all listed companies (other than banks and insurance companies) will apply IFRS from accounting periods beginning on or after January 1, 2017. The presenter ably explained the exemptions granted under IFRS 1 with practical examples. The presenter also ably handled the Q&A session in the end. The CPD event was attended by more than 100 participants, including ICAP, SOCPA and ICMAP members and other finance Guest speakers Mohammad Shoaib, Asif Iqbal and Kamal Ali addressing professionals. President ICAP KSA Chapter Mohammad the Q & A session during the seminar on Investor Education. Iqbal concluded the session and presented memento to the guest speaker. He also thanked the guest speaker and the participants for their presence. Dinner was served at the end of the session.

Seminar on Investor Education The seminar on Investor Education was organised by the Southern Regional Committee (SRC) of the Institute of Chartered Accountants of Pakistan (ICAP) at ICAP House, Group photograph at seminar on Investor Education. Karachi. The Continuing Professional Development (CPD) convener SRC Abdul Rab, FCA commenced the programme Chairman SRC Arslan Khalid, FCA distributed mementos with recitation from the Holy Quran and brief remarks on and, thanked the participants for their presence. the topic. The guest speakers were the joint director Policy Refreshments were served at the end.

April 2015 3 Newsletter The Institute of Chartered Accountants of Pakistan ICAP & UBL MoU for Co-branded in the lives of the service users; enabling parents/students and members to pay their ICAP fee from the comfort of Prepaid Debit Card their own environment. Chartered Accountants Women’s Forum (CAWF) Celebrates Women’s Day The Chartered Accountants Women’s Forum (CAWF) celebrated Women’s Day on March 27, 2015 at ICAP House, Karachi. The theme was Women Changing the World since Birth. In the form of a daughter, a sister, a wife, a mother, a colleague, a friend and many more Group photograph of ICAP and UBL management at the MoU relationships, a woman brings changes in everyone’s ceremony. lives. The women in Pakistan strive hard to build a strong The Institute of Chartered Accountants of Pakistan (ICAP) position in the society and they have to go to that extra joined hands with one of the largest banks in Pakistan, mile to be acclaimed. These thoughts inspired the theme United Bank Ltd (UBL), for the exclusive issuance of a co- for the event which was celebrated with full enthusiasm. branded Visa prepaid card to the students and members of ICAP. This joint initiative is aimed at encouraging the progression of paperless processing, cashless transactions and promotion of the online experience amongst the future corporate managers of Pakistan. With this co- branded prepaid card, the students of ICAP will be able to pay their registration and examination fees at the click of a button online on ICAP’s website. ICAP and UBL have already collaborated on upgrading the Institute’s web platform to accept internet based payments through UBL’s cutting edge UBL Go-Green Internet Merchant Acquiring. The panelists (from L) Bina Shah, Seema Taher Khan, Khaula Jamil, and Fariyha Subhani and moderator Hena Ahmed. The MoU signing ceremony for the co-branded prepaid cards took place at ICAP’s Head Office in Karachi on The event started with the panel March 30, 2015. SEVP, Group Executive Banking Products, discussion where all the panelists UBL Abrar Mir and COO/secretary ICAP Feroz Rizvi as well shared their experiences related to as other senior executives from both the organisations their field. The panelists included CEO were present at the ceremony. The COO/secretary ICAP Unilever Foods Pakistan Limited (UFPL) Feroz Rizvi highlighted the importance of partnership Fariyha Subhani, CEO Tv One Seema between ICAP and UBL as a much needed step towards Taher Khan, writer and journalist providing tech based convenience. He further added Bina Shah, and photographer and that with ICAP’s diverse student base, this facility will entrepreneur Khaula Jamil. The idea prove to be an effective tool in inculcating paperless was to bring together women from processing, while at the same time empowering the different industries so the accounting students by providing them a head start experience in and finance professionals have the online, internet banking. opportunity to look beyond numbers. The discussion was moderated by While addressing the audience the SEVP UBL Abrar Mir director Engagement Quality Control said that UBL has always supported initiatives in the ICAP COO / Secretary Review at Deloitte Pakistan Hena education sector and partnering with ICAP on this project Feroz Rizvi addressing Ahmed. Each of the panelists shared is one such accomplishment for both the organisations. CAWF participants. their experiences of how they became Through this initiative, UBL will be imparting convenience successful and being a woman what problems they

4 April 2015 Governance, Transparency and Service to Members & Students www.icap.org.pk came across in their life. What they shared was really a motivating experience for the participants.

The CAWF logo was launched with the cake cutting ceremony. There was a brief session on health awareness by a physician from Agha Khan University Hospital (AKUH) Saniya Sabzwari. The secretary/COO Feroz Rizvi also joined in for a while and addressed the gathering informally. The event concluded with a happening and interactive session by member of faculty and course Group photograph at seminar on Information Security Opportunities coordinator at National Academy of Performing Arts & Challenges. (NAPA) Uzma Sabeen. A large number of people turned The Continuing Professional Development (CPD) up for the event. For those who missed out, kindly email convener SRC Abdul Rab, FCA commenced the program at [email protected] to receive updates and with recitation from the Holy Quran and his brief remarks invitation for upcoming CAWF events. on the topic. The keynote speaker was Global Technology Services country leader, IBM Pakistan Humayun Akhlaque. The speaker delivered presentation where he addressed Impacts of Sales Tax on Cotton various aspects of information security and highlighted Ginners & Oil Mills under SRO 188 the opportunities and challenges. The speaker discussed that the sophistication of cyber threats, attackers and motives are rapidly escalating and the average mid-sized or large company must filter approx. 1,400 cyber-attacks weekly to identify the 1.7 incidents that can do harm.

A highly interactive panel discussion was moderated by the CFO and company secretary Central Depository Company of Pakistan Ltd., Fazal Gaffoor, FCA while the panelists were chief information officer Central Depository Company of Pakistan Ltd., Asif Shah, executive director IT M. Yousuf Adil Saleem & Co. Chartered Accountants Zain Ansari, and barrister-at- of Jamil & Jamil Barristers- M. Younis Ghazi describing SRO 188 to participants. at-Law Zahid Jamil (via video conference). The panelists

The Continuing Professional Development (CPD) committee Multan organised a seminar on Impacts of Sales Tax on Cotton Ginners and Oil Mills under SRO 188 on April 4, 2015 at ICAP Multan office. The session speaker was chairman CPD committee Multan Muhammad Younis Ghazi, FCA. The speaker discussed the SRO 188, the industry position before SRO 188, and the benefits of SRO 188. The speaker was very engaging, and involved the participants in various discussions. Almost 40 participants attended the seminar. Panel discussion during the seminar on Information Security Opportunities and Challenges. From L: Humayun Akhlaque, Asif Shah, Zain Ansari and Waqar Ahmed Khan. Information Security: highlighted the key issues including the privacy, legal and Opportunities and Challenges secure infrastructure. The Southern Regional Committee (SRC) of the Institute The session chairman was partner, Information of Chartered Accountants of Pakistan (ICAP) organised a Technology Risk and Assurance/Advisory Services Ernst & seminar on Information Security: Opportunities and Young Ford Rhodes Sidat Hyder, Waqar Ahmed Khan, FCA Challenges at ICAP House, Karachi. who shared his views on the topic and highlighted, that

April 2015 5 Newsletter The Institute of Chartered Accountants of Pakistan the basic reason for security lapse is the lack of thought Karachi. The evening was attended by around 200 guests for creating a password and individuals and organisations that included members and their families. should change it frequently. Mementos were distributed to the speaker, moderator, panelist and session chairman The programme was commenced by the Continuing as a gesture of appreciation. Chairman SRC Arslan Khalid, Professional Development (CPD) convener SRC Abdul FCA thanked the participants for their presence. Dinner Rab, FCA. Journalist and renowned humorous poet Abdul was served at the end. Hakim Nasif was invited to conduct the evening. Several other poets were present to entertain the audience including professor Inayat Ali Khan, Haider Hasnain Jaleesi, Family Get Together Meem Sheen Alam, Abdul Hakim Nasif, Mirza Akhter and The annual Family Get Together was organised by the Safder Ali Khan. The poets used their humour to highlight Southern Regional Committee (SRC) on March 1, 2015 at socio-political and economic issues facing the nation. Sindbad’s Wonderland in Gulshan-e-Iqbal. It was attended by almost 1,000 people including ICAP members and their families. Chairman SRC Arslan Khalid formally inaugurated the event with the SRC members and their families. The day was filled with activities, complimentary breakfast, rides, and a magic and puppet show. Tambola was also conducted for the members who were highly engrossed during the activity and won exciting prizes.

At members Family Get Together: SRC members, Mohammad Zulfikar Akhtar, Arslan Khalid, Adnan Rizvi, Abdul Rab & CPD consultant Adil Iqbal.

Group photograph of participants at the Zafrani Mushaira. The Zafrani Mushaira was attended by notable personalities including past presidents Shabbar Zaidi, Group photograph of members Family Mohammad Zulfikar Akhtar FCA, Zafar Sobani, FCA, Najmul Hussain, FCA, vice Get Together. giving a prize to a member. president ICAP South, Farrukh Rehman, FCA, and Council The event was sponsored by JS Group (JS Bank, JS members of ICAP. Global, JS Investments) as the Platinum Sponsor while the support sponsors were Shield Corporation, National Foods and Medicam Group of Companies. Giveaways with ICAP Directors Training Program gift hampers for lucky draws were also distributed to all ICAP held the twelfth and thirteenth series of the the guests. Directors Training Program (DTP) in Lahore and Karachi. The Institute remains steadfast in its commitment to the corporate governance and the Directors Training Zafrani Mushaira Program is one such initiative. The program provides the directors’ training to familiarise with the code, applicable The Southern Regional Committee (SRC) of the Institute , their duties and responsibilities to enable them to of Chartered Accountants of Pakistan (ICAP) organised effectively manage the affairs of the listed companies for Zafrani Mushaira on March 27, 2015 at Alliance Française and on behalf of shareholders.

6 April 2015 Governance, Transparency and Service to Members & Students www.icap.org.pk

Since the launch 239 directors have been certified across the industry and business professionals. Karachi, Lahore Islamabad and Faisalabad. The programs were attended by directors and professionals from leading The participants appreciated the interactive approach and organisations. Out of the total certified professionals 143 the unique blend of knowledge content and experience are non-members while 94 are members. This speaks sharing provided by the trainers. The fourteenth program volume of the trust and the repute of Institute amongst is scheduled for April 29-30 and May 14-15 in Islamabad.

List of Certified Directors DTP-12 Lahore

Certificate # 0016 Certificate # 0212 Adnan Waheed, ACA Salim Khan Chief Financial Officer Director Al-Falah Insurance Company Ltd. BMA Asset Management Company Ltd. Certificate # 0184 Certificate # 0213 Haider Ali Daud, FCA Shaukat Hussain, ACA Chief Executive Officer Chief Financial Officer Bigger Picture Consulting (Pvt.) Ltd. Din Textile Mills Ltd. Certificate # 0205 Certificate # 0214 Ahmad Rafay Alam Shaikh Muhammad Tanveer Director Chief Executive Lahore Waste Management Company Din Textile Mills Ltd. Certificate # 0206 Certificate # 0215 Muzaffar Islam Mubeshir Ali Kazmi, ACA Company Secretary CFO, Company Secretary Lahore Waste Management Company Acro Group Certificate # 0207 Certificate # 0217 Robina Mehmood Baig Hammad Zafar, ACA Director Accounts Finance Director Dollar East Exchange Company Alcatel-lucent Pakistan Limited Certificate # 0208 Certificate # 0218 Muhammad Iqbal, FCA Muhammad Usman Director System & Operations Managing Director Dollar East Exchange Company Ajmair Foods (Pvt.) Certificate # 0209 Certificate # 0220 Rafqat Hussain, FCA Muhammad Hafeez Jan Managing Partner Director BOD Rafqat Hussain & Co. Hyderabad Electric Supply Company (HESCO) Certificate # 0210 Certificate # 0221 Muhammad Aurangzeb Muhammad Hanif Siddiqui Director Director BOD Ahmad Hassan Textile Mills Ltd. Hyderabad Electric Supply Company (HESCO) Certificate # 0211 Certificate # 0222 Shehryar Mazhar Syed Ghulam Mustafa Shah Director Director BOD Shakarganj Mills Ltd. Hyderabad Electric Supply Company (HESCO)

April 2015 7 Newsletter The Institute of Chartered Accountants of Pakistan

List of Certified Directors DTP-13 Karachi Certificate # 0223 Certificate # 0233 Asim Rais Tameezuddin Khero Director Program Director Dawlance (Pvt.) Ltd. Basic Education Program

Certificate # 0224 Certificate # 0234 Ghulam Sarwar Atiq Anwar Mahmudi, FCA Chief Operating Officer Executive Director Taj Corporation Jubilee General Insurance Company Ltd.

Certificate # 0225 Certificate # 0235 Saifee Zakiuddin Godhrawala, FCA Fahad Alam Director & Company Secretary Senior Vice President Burshane LPG (Pakistan) Ltd. Jubilee General Insurance Company Ltd.

Certificate # 0226 Certificate # 0236 Asim Rafiq, FCA Noor Muhammad, FCMA Head of Internal Audit Director National Investment Trust Otsuka Pakistan Ltd.

Certificate # 0227 Certificate # 0237 Shehzad Farooq, ACA S.M. Barinuddin Chief Financial Officer Director The Institute of Chartered Accountants of Pakistan Merit Packaging Ltd.

Certificate # 0228 Certificate # 0238 Syed Hasan Ali Bukhari, FCA Mujtaba Rahim Advisor to Chairman President & CEO Hilton Pharma (Pvt.) Ltd Archroma Pakistan Ltd.

Certificate # 0229 Certificate # 0239 Ali Murtaza Kazmi Adnan Amjad Director Director Arif Habib Ltd. Crescent Cotton Mills

Certificate # 0230 Certificate # 0240 Zeshan Afzal Azeem A. Naqvi Executive Director Company Secretary Arif Habib Ltd. GSK Pakistan Ltd.

Certificate # 0231 Certificate # 0241 Syed Nadeem Ahmed Dr. Abdul Qadeer Khan Rajput Director Director BOD The Searle Co. Ltd. Hyderabad Electric Supply Company (HESCO)

Certificate # 0232 Asad Abdulla Director The Searle Co. Ltd.

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member news Professional Misconduct mentioned as auditors of the Company and the reports issued have revealed that the member had also prepared It has been noted that a practicing member of the the accounts of the Company for the aforesaid two years. Institute committed the following irregularities and Accordingly, the assignment of preparation of accounts did not comply with the relevant requirements of falls under the provisions of the International Standard the International Standards on Auditing (ISA) while on Related Services (ISRS) 4410 relating to Compilation conducting the audit of financial statements of a private engagements, whereas, the reports issued by the member limited company for the year ended June 30, 2009: were not in accordance with the provisions of the said ISRS.

1. The member did not comply with the relevant The Council, after considering the report of the requirements of the International Standard on Auditing Investigation Committee, the submissions made by (ISA) 710 which requires specific approach to be adopted the counsel of the member during his hearing and the by the incoming auditor, if material mis-statements in information and evidence available on record, decided the prior year financial statements are detected.

2. Sufficient appropriate evidences could not be found in the working papers files of the member at the time of the review for the subject audit which could substantiate his findings.

3. The treatment in respect of encashment of guarantees was not appropriately reflected in the financial statements by the Company and the member did not address the matter appropriately in his audit report and also did not have the sufficient appropriate audit evidences in his working papers to support the treatment made in this respect in the financial statements of the Company.

The Council, after considering the report of the Investigation Committee, the submissions made by the member during his hearing and the information and evidence available on record, decided to hold the member guilty of professional misconduct under Clause (3) of Part 4 of Schedule I of the Chartered Accountants Ordinance, 1961 and decided to reprimand him without name under Section 20D of the Chartered Accountants Ordinance, 1961.

It was noted that the reports issued by a practicing member of the Institute on the accounts of a private to hold the member guilty of professional misconduct limited company for the years ended June 30, 2009 and under Clause (3) of Part 4 of Schedule I of the Chartered 2010 were not in accordance with the required Standards, Accountants Ordinance, 1961 and decided to issue him a the Companies Ordinance, 1984 and Rule 17-A of the warning under Section 20D of the Chartered Accountants Companies (General Provisions and Forms) Rules, 1985. Ordinance, 1961 and publish its findings and decision without stating the name of the member. It was also noted that as per the Form 29 filed by the Company with the Securities & Exchange Commission It was noted that the then engagement partner of a of Pakistan (SECP), the firm of the member had been chartered accountant firm did not communicate with the

April 2015 9 Newsletter The Institute of Chartered Accountants of Pakistan previous auditor for obtaining the professional clearance the counsel of the member during his hearing and the regarding audit of financial statements of the Employees information and evidence available on record, decided Provident Fund of a Company for the year ended June 30, 2011. to hold the member guilty of professional misconduct under Clause (3) of Part 4 of Schedule I of the Chartered The Council of the Institute provided opportunity of Accountants Ordinance, 1961 and decided to reprimand hearing to the member, however, he did not avail the said him with name under Section 20D of the Chartered opportunity. It was noted that the member failed to prove Accountants Ordinance, 1961. that he has communicated with the previous auditor for obtaining the professional clearance regarding the aforementioned audit. Quality Control Review The Quality Assurance Board (QAB) in its 63rd meeting The Council, after considering the report of the held on April 8, 2015 considered quality control review Investigation Committee and the information and (QCR) reports of eleven firms. The QCR conclusions of evidence available on record, decided to hold the member four firms were supported by appropriate audit evidence, guilty of professional misconduct under Clause (3) of Part whereas QCR of seven firms were concluded as not 4 of Schedule I of the Chartered Accountants Ordinance, supported by appropriate audit evidence. In the aforesaid 1961 and Clause (7) of Part 1 of Schedule I of the said meeting the QAB also decided to carry out early review of Ordinance for accepting a position as auditor previously two of the firms within next one year instead of two and held by another member of the Institute without first a half years. communicating with him in writing. Accordingly, the Council decided to reprimand the member without name under Section 20D of the Chartered Accountants New Fellow / Associate Members Ordinance, 1961. Fellow Members It was noted that the reports issued by a practicing S. No. R. No. Name member, Inaam-Ul-Haq, FCA [R-1609] on the financial 1. 4265 Muhammad Shahid Karim statements of a private limited company for the years 2. 4290 Atif Pervez ended June 30, 2009 & 2010 and half year ended 3. 4293 Omar Hasan December 31, 2010, were neither in accordance with 4. 4296 Kamran Hafeez the requirements of Section 255 of the Companies 5. 4313 Muhammad Adnan Akhter Ordinance, 1984 read with Form-35A of the Companies 6. 4331 Asad Hassan (General Provisions and Forms) Rules, 1985 nor as per the 7. 4332 Asma requirements of the International Standard on Related 8. 4334 Ahmar Mehboob Services (ISRS) 4400 (Engagements to Perform Agreed 9. 5520 Mohsin Hussnain Upon Procedures Regarding Financial Information). It was further noted that the said reports issued by the member Associate Members were clearly labelled as ‘Auditors’ Report/Audit Report’, S. No. R. No. Name whereas, the format and the wordings of the reports 1. 8035 Mariyam Haider were not in accordance with the requirements of the 2. 8036 Syed Imran Hasan Zaidi Companies Ordinance, 1984. 3. 8037 Amena Ali Jamall 4. 8038 Muhammad Shafqat Nadeem The Council was of the view that reports issued by the 5. 8039 Bakhtawar member are audit reports in which it was mentioned that 6. 8040 Aladia Ijaz the member has audited the accounts. In case, it was an 7. 8041 Malik Muhammad Omair assignment of preparation of accounts as contended by 8. 8042 Shuja Ur Rehman the member in his correspondence with the Institute, 9. 8043 Saad Hasan Aslam then the requirements of ISRS 4410 (Engagements to 10. 8044 Sana Imran Compile Financial Statements) were also not followed by 11. 8045 Zahid Hussain Zahid the member in this respect. 12. 8046 Umair Jamal 13. 8047 Mohammad Arsalan Siddiqui The Council, after considering the report of the 14. 8048 Mobeen Malik Investigation Committee, the submissions made by 15. 8049 Muhammad Ahsan Maqbool

10 April 2015 Governance, Transparency and Service to Members & Students www.icap.org.pk

16. 8050 Mayral Zafar Janjua 67. 8101 Hamza Taimur 17. 8051 Omer Zarar 68. 8102 Hamza Bilal 18. 8052 Muhammad Waqas Yamin 69. 8103 Nasha Hormuzd Tengra 19. 8053 Yahya Wadood 70. 8104 Raheel 20. 8054 Talal Bin Shaukat 71. 8105 Shaharyar Ahmed Jafry 21. 8055 Sameen Aslam 72. 8106 Syed Haseeb Ur Rehman 22. 8056 Abdul Samad 73. 8107 Hafiz Muhammad Usman Qazi 23. 8057 Faisal Sharif 74. 8108 Muhammad Arslan Ahmed Hassan 24. 8058 Saqib Rafique 75. 8109 Ali Raza 25. 8059 Amar Lal 76. 8110 Muhammad Nadeem 26. 8060 Irfan Suleman Khan 27. 8061 Zaid Abid 28. 8062 Fahad Mazhar Life Members 29. 8063 Muhammad Faisal Patel S. No. R. No. Name 30. 8064 Faisal Baig 1. 0942 Zeeshan Ahmad Qureshi 31. 8065 Muhammad Suroor Khan 2. 1164 Ghulam Hussain Gadriwala 32. 8066 Mohammed Bilaluddin 33. 8067 Bilal Javaid 34. 8068 Asad Rasul New Firm 35. 8069 Ayyaz Asim S. No. Firm Name Location 36. 8070 Harris Nadeem 1. Altaf & Co Lahore 37. 8071 Muhammad Furqan 38. 8072 Muhammad Hammad 39. 8073 Talha Ahmed Top CPD Earners 40. 8074 Saad Iftikhar Malik The Institute is pleased to acknowledge following 41. 8075 Sabeen Shahpur members who have earned maximum CPD hours in 42. 8076 Haris Javed March 2015: 43. 8077 Syed Imran Haider 44. 8078 Farhan Amir S. No. Name and R. No. Location Hours 45. 8079 Imran Ahmed 1. Kausar Ali Fecto, FCA (2968) Karachi 120 46. 8080 Munira Anwar Ali 2. Muhammad Khubaib, ACA (6397) Lahore 63 47. 8081 Shakeel Ahmad Sial 3. Umer Zahoor, ACA (7352) Islamabad 60 48. 8082 Usman Mushtaq 4. Abdul Rahim Suriya, FCA (1531) Karachi 56 49. 8083 Kashif Adeel 5. Amir Shafique Topra, FCA (3094) Karachi 56 50. 8084 Muhammad Asim 51. 8085 Syed Sameer Abbas Ali 6. Omer Khan Ghaznavi, ACA (5066) Lahore 56 52. 8086 Muhammad Ali Memon 7. Naseer Ahmed, ACA (6796) Karachi 56 53. 8087 Abdul Basit 54. 8088 Asim Bin Tasneem Discounts 55. 8089 Muhammad Usama Bashir Malik 56. 8090 Muhammad Usman Sabir Special Discount at ChenOne 57. 8091 Hafiz Muhammad Tariq Javeed ICAP members and employees can avail 10% discount on 58. 8092 Shahzaib Khalid shopping from ChenOne. For details click: 59. 8093 Muhammad Ali Bilal http://www.icap.org.pk/special-discount-at-chenone/ 60. 8094 Irfan Jiwani 61. 8095 Sarah Haider 62. 8096 Iftikhar Ahmed Special Discount at FATBURGER 63. 8097 Mujibur Rehman ICAP members, students and employees can avail 15% 64. 8098 Anam Nadia Rahman discount on FATBURGER outlets. For details click: 65. 8099 Umair Atique http://www.icap.org.pk/members/discounts-mou/ 66. 8100 Saad Tayyab fatburger-discounts/

April 2015 11 Newsletter The Institute of Chartered Accountants of Pakistan Continuing Professional Development (CPD) Program Date Seminar / Workshop Speaker / Session Chairman Venue March 8, 2015 Advanced Excel Ather Saleem Lahore March 10, 2015 Advanced Excel Ather Saleem Faisalabad March 14, 2015 Advanced Excel Ather Saleem Peshawar March 18, 2015 First Time Adoption of IFRS Kashif Zafar KSA Chapter Riyadh in Saudi Arabia Session Chairman: Gihad Al-Amri March 18, 2015 Zakat/Tax Update 2014-15 Ebrahim Baeshen PAF-Jeddah March 19, 2015 Balanced Score Card – A Tool Mallick Kamran KSA Chapter Khobar for Strategy Execution March 24 &-25, 2015 Two day workshop on Mike Turner Karachi International Financial Reporting Standards (IFRS) March 28, 2015 Leadership, Delegation and Khusro P. Malik, Islamabad Supervisory Skills Haroon Ahmed Malik March 31 and Two day workshop on Mike Turner Lahore April 1, 2015 International Financial Reporting Standards (IFRS) (Through Video Islamabad, Peshawar, Faisalabad & Multan) April 4, 2015 Sales Tax on Cotton Ginners & Muhammad Younis Ghazi Multan Oil Mills under SRO 188 Dated: 05.03.15

GREAT JOB, PUBLICATION TEAM Newsletter The Institute of Chartered Accountants of Pakistan Thank you for sharing the Newsletter with the ICAP staff and inviting meet of the month: Khalilullah Shaikh our feedback. I appreciate the great job done by the Publication team. However, there is always room for improvement. I have a few humble It's payback time... By Samina Iqbal suggestions: The picture quality needs improvement; Publication I had to name my successor as chairman PAIB Committee, no other would have been Department’s email/contact details should be added; in the HR If more deserving than Khalilullah Shaikh.” “This statement of Yacoob Suttar, the president Institute of Chartered Accountants of Pakistan (ICAP), in his welcome speech at the CFO Conference 2015 in Karachi stamped the news, the location of hiring should be mentioned; contents should reputation of the man I had been hearing so much about since my three months at ICAP. be hyperlinked in soft copy that is, if we click on contents, it should Flashback. “Who is Khalilullah Shaikh?” I asked one day, exasperated at the man who seemed to be rotating ICAP into fast motion…every few whiles his name popped out at the directly jump to that particular news item. ICAP working hall invading the world of regular simple folks. “Oh! You don’t know?” a colleague asked with an incredulous − Adnan Hassan Usmani, deputy manager IT look. I felt naive, ill-informed. “The guy with a beard!” I was informed. That was a tough one, as more than half the men at ICAP sport beards. And every time one such one passed by, “Is this KS?” No. “This…?” No. Bad luck. I gave up. OBVIOUS IMPROVEMENT Then one late evening I spotted THE man. Not that I knew This Institute has given us a lot. It’s what he looked like (except of course the beard). But I time for us now to give back and recognised him. That confident, serious looking young man walking steps of purpose – couldn’t be anyone else but him – do something for the Institute. It was a true pleasure reading the February and March Newsletters. We Khalilullah Shaikh. Since I had interviewed a CA student (gold medallist) and an employee (longest serving) at ICAP for the previous can clearly see the difference the Publication team has made to the Newsletters, now it was the turn of a member so “Who is the youngest and the most brilliant ICAP member?” I enquired around. quality and appeal of the Newsletter. I especially adored the write-up, “Khalilullah Shaikh!” pat came the reply. So here he is…meet Khalilullah Shaikh, 35, the young Council member and the man behind the CFO “It was a good journey with good people …!” by Samina Iqbal, about Conference 2015… From Gulistan Shah Abdul Latif School to Adamjee College to CA qualification, KS’s academic career marks excellence – A1 grades, positions, and six gold medals (for excellent performance in CA exams). After completing his CA in 2004, and training at A. F. Ferguson & Co, KS had job stints with PricewaterHouseCoopers Halimur Rashid’s journey with the Institute. It was very well written, (PWC) and Pakistan Refinery. Currently, besides his job as head Internal Audit at K-Electric, and teaching CA finalists (for over 10 years), KS is an ICAP Council member and chairman ICAP’s Professional Accountants in bringing out the interesting aspects of the story of a ‘unique’ common Business (PAIB) committee. In conversation with KS... (Continued on page 17 to 19) man. I liked the boxed items in the March issue. Good choice. − Snovia Mohsin, deputy manager Internal Audit

12 April 2015 Governance, Transparency and Service to Members & Students www.icap.org.pk

hr news Talent Hunt Quote Although potential should be the defining measure of executives today, it would be a mistake to ignore other lessons about how to evaluate people. Intelligence: Although you probably won’t administer an IQ test, it is important to assess a candidate’s general intelligence (including analytical, verbal, mathematical, and logical reasoning) by considering educational background, early job experiences, and responses to interview questions. You don’t need to look for geniuses; for most jobs anything above a certain level of intelligence has almost no impact on performance. However, you should still hire people clever enough for your requirements, because their general intelligence won’t increase dramatically over time. Welcome on Board Values: Values are critical; and you can’t expect to impart Human Resources department welcomes a new member them on the job. Use interviews and reference checks to the ICAP family: not only to weigh the essentials, such as honesty and Anayat Ullah Khan, ACA integrity, but also to discover if the candidate shares your Manager Education & Training Lahore organisation’s core values. Leadership Abilities: Some competencies are relevant (though not sufficient) when evaluating senior manager Training & Development candidates. While each job and organisation is different, Training and development of employees plays a vital role the best leaders have, in some measure, eight abilities. in improving the skills and competencies of employees. Human Resources department arranged the following 1. Strategic Orientation; 2. Market Insight; 3. Results workshop and training for the employees of ICAP in the Orientation; 4. Customer Impact; 5. Collaboration and month of April 2015: Influence; 6. Organisational Development; 7. Team Leadership; and 8. Change Leadership. Workshop on Corporate Laws and You should assess these abilities through interviews and Secretarial Practices reference checks, in the same way you would evaluate A day long workshop was organised by Consult Finman on potential, aiming to confirm that the candidate has March 25, 2015 and attended by two senior managers of displayed them in the past, under similar circumstances. ICAP (Examination department). The workshop provided Core Values of ICAP practical guide to some challenges, coupled with a The decision of core values of the Institute of Chartered detailed look at the law and regulation which determine Accountants of Pakistan was approved in 235th Council the secretary's work with exercises designed to enable meeting held on July 8, 2012. PRIDE was decided as the delegates to put theory into practice. The course focuses core value of ICAP: on practical issues faced by the company secretariat and Professional Excellence Relevance legal departments. Impact Deliver Ethical Standards Directors Training Program The CFO Shehzad Patel of ICAP attended the Directors Core values are what support the vision, shape the Training Program on February 25-26 and March 10- 11, and reflect what the company values. They are 2015. The DTP is specifically designed course by SECP the essence of the company’s identity – the principles that aims to create familiarity with global principles of and beliefs. corporate governance. The four day certificate course

April 2015 13 Newsletter The Institute of Chartered Accountants of Pakistan was conducted in two day sessions covering the broader the employees regarding the ECC Club’s methodology, perspectives and principles of corporate governance, duration and rules. applicable laws, financial and strategic management, reporting and communications. SECP’s drive to improve English Conversation Circle is a place to practice and and reinforce the corporate governance is adding value improve both listening and spoken English skills of to businesses in Pakistan. Good corporate culture is the employees. The program is specifically designed considered as the back bone of economy, as it builds to encourage the employees to work on their confidence of local and foreign investors in the economy communication, presentation and spoken skills which will and business environment of the country. result in better interaction among employees. This club will also assist in socialising and connecting with each In-house Workshop on Ownership other on a personal level. The HR department organised an in-house workshop on Ownership on April 15, 2015. Talent Experts conducted the workshop and covered different facets of ownership and how individuals by taking ownership of their personal life can be better contributors for themselves, society and organisations. Twenty participants attended the workshop.

Cyber Security Trainings The Professional Development Centre at Riphah Institute of Systems Engineering (RISE) organised Certified Ethical Hacker (CEH) in collaboration with the internationally renowned security certification body, EC-Council from April 13 to 17, 2015. The certification was attended by two IT professionals of ICAP deputy manager Adnan Hassan Usmani and assistant manager Umar Latif. The Certified Ethical Hacker (CEH) certification will fortify the application knowledge of security officers, auditors, security professionals, site administrators, and anyone who is concerned about the Obituary integrity of the network infrastructure. Riaz Ahmad, FCA (R-2250) was born on December 15, 1937. He did his matriculation from Punjab Conference on HR Competency Model Board in 1954, followed by BA Degree in 1963 and Society of Human Resource Management (SHRM) Bachelor of Law from Punjab University in 1966. Forum Pakistan organised a daylong conference on HR Riaz Ahmad served as Articled Clerk from October 5, Competency Model at Marriott hotel Karachi on April 1981 to October 4, 1985 with M/s M. A. Tabussum & 16, 2015. Expert HR and business leaders from various Co. Chartered Accountants. He passed the CA Final industries shared their success stories with relevance Examination in 1993, and admitted as Associate to particular competencies. The conference was well Member of the Institute w.e.f October 4, 1994 and attended by the HR heads and HR personnel. became Fellow Member w.e.f February 7, 2005. He worked as finance manager at Softknit Textile Mill English Conversational Circle Club (Pvt) Limited w.e.f January 8, 1995 to May 15, 1998. Riaz started his professional practice w.e.f September ICAP HR launched the English Conversational Circle 11, 1998 under the name and style Riaz Chaudhry Club (ECC) on April 8, 2015 initially at its head office, & Co. Chartered Accountants as sole proprietor. He Karachi. The ceremony was well attended by ICAP senior remained for some time as a partner in partnership management team and staff members. The secretary/ firms named HLB Ijaz Tabussum & Co and A. Razzaq COO Feroz Rizvi delivered the opening speech. He briefed & Co. Chartered Accountants. He died in Lahore on the audience on the importance of spoken English and March 3, 2015. appreciated the initiative taken by the HR department and encouraged the employees to engage in this activity. Mother of Abid Akhtar, assistant in IT passed away on March 29, 2015 in Saidpur (Bangladesh). Senior manager HR and Admin Shahma Zahid explained

14 April 2015 Governance, Transparency and Service to Members & Students www.icap.org.pk

student section CASA North Inter Firm Tape Ball up Trophies were given by the chief guest. Sajjad H. Gill thanked the guests for their presence and for making the Cricket Tournament Islamabad tournament a memorable one. GBC Education Expo 2015 The Institute of Chartered Accountants of Pakistan (ICAP) team Gujranwala participated in the GBC Education Expo 2015 conducted at GBC building, Gujranwala on March 21, 2015. The commissioner of Gujranwala was

Abdul Jamal Khan and CASA-N chairman Sajjad H. Gill inaugurating the tournament. Chartered Accountants Students Association (North) organised CASA N – Ishfaq Ahmed Inter Firm Tape Ball Cricket Tournament 2015 at Marghzar cricket ground Islamabad on March 21 and 22, 2015. Chairman CASA-N and Northern Regional Committee (NRC) member Sajjad Gill welcomed the participants and the guests and briefed A student group obtaining information about CA at GBC Education Expo. them about various initiatives being taken by CASA-N for the chief guest. The Expo received a warm response from CA Students. He also highlighted the purpose of the event the market and a good number of visitors showed up was to provide opportunity for extracurricular activities to from the related market segment. The ICAP team guided the CA students. around 100 interested students and parents during this day long Expo. The ICAP stall was managed by assistant The event was sponsored by the Professionals Academy manager ICAP Gujranwala Ahmad Hussain Rathore of Commerce (PAC). The principal of the PAC Peshawar, along with two CA trainees, Malik Muhammad Dawood Khawaja Awais Bilal, FCA appreciated CASA-N for organising and Khadija Mubarik. the tournament for the CA students. He enlightened the participants about the dedication of Ishfaq Ahmed Counselling Sessions (late) for accountancy education in Lahore and In March 2015 seven sessions were conducted at three thanked CASA-N for naming leading institutes in Karachi and Lahore through which the tournament after him 480 potential students were informed about the leading as a recognition of his professional accounting qualification of the country. outstanding contribution. ICAP Marketing and Communication Department (MARCOM) briefed the students about the Institute, the Eight teams from eligibility criteria for CA, its study routes, exemptions, The captain of the winning team, Islamabad/Rawalpindi fee structure, scholarships and financial assistance, BDO Ebrahim & Co, receives the audit firms participated in registered accounting education tutors (RAETs), trophy from Abdullah Yusuf. the event. The tournament training opportunities and how can they excel in their was inaugurated by Abdul Jamal Khan, FCA and the chief professional journey. The counselling was conducted guest was Abdullah Yusuf, FCA for the final match. Both by deputy manager MARCOM Usman Rafique at KIPs the guests appreciated CASA-N for holding the event for College Lahore and by officer MARCOM Farah Waheed at CA Students in Islamabad/Rawalpindi. The tournament Beaconhouse School System-BCCD Campus Karachi and was won by BDO Ebrahim & Co. Winning and Runners The Generations School Karachi.

April 2015 15 Newsletter The Institute of Chartered Accountants of Pakistan meet of the month: The Pakistan Accountant(s) Are Jack and Jill truly By Samina Iqbal dull?

"I want to be a Pajero when I grow up", said baby Potohar. Every child, at some stage of his life, has to face this question: “What do you want to become when you grow up?” Times have changed, and, no, the dream list does not favour a doctor, an engineer or a banker anymore. The glam has gone elsewhere … now, it’s a fighter pilot, an environmental scientist, a sportsperson … or even a Chartered accountant. Who are these And who are these Chartered accountants, who spread awe in lesser mortals, and come packaged in Chartered style, and stamped with prestige? Rolling in riches…? accountants, who Clichés, all? spread awe in lesser The word ‘finance’ has gone viral. Business and mortals, and come finance make (and move) and set into motion our global village. But is this so-perceived ‘crème’ of packaged in style, society running the business of business and finance all and stamped with work and no play? Serious souls with no funny bone? No space in these brilliant bones for the mundane, the prestige? funny and the frivolous. Happy reading The Pakistan Accountant, their very own flagship publication, tailored to quench their quest for information, education and research. Would they be able to digest some editorial changes in their journal and newsletter, making their publications a wee bit lighter, more readable and less heavy on the mind and the heart? A happy cocktail that refreshes. Or, are Jack and Jill truly dull? Come on, accountants, prove wrong the clichés tagging you. And continue to read The Pakistan Accountant. Stay in style. You are empowered to lead.

Note: This is from the test presentation of my job interview for ICAP… was asked to write the Editor’s note for The Pakistan Accountant; had absolutely no clue what to write, and “Not for me, this job,” was my verdict.

April 2015 Editorial16 & Layout: ICAP Publications Team E-mail: [email protected] Designer & Printer: Adenis Prepress